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October 27, 2021
Question

auto capital gains on sale of vehicle

  • October 27, 2021
  • 1 reply
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I have been taking actual expenses each of last 4 years on my auto using Turbo Tax. When I sell my car, after entering the sale price I get, will Turbo Tax automatically calculate if I owe any capital gains on that sale or not?

    1 reply

    October 27, 2021

    Hi dick16

     

    When you sell a car for more than it is worth, you do have to pay taxes. Selling a car for more than you have invested in it is considered a capital gain. Thus, you have to pay capital gains tax on this transaction. TurboTax will calculate the gain for you.

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